Annual Budget Set at 2.4916 Trillion Won
Bucheon Pay Issuance Increased to 270 Billion Won
Bucheon City in Gyeonggi Province has urgently allocated a supplementary budget of 53.8 billion won for the first round of 2025, in line with the Lee Jaemyung administration's policy focus on "stimulating the economy and stabilizing people's livelihoods." With this, the city's total budget for the year has increased from 2.4378 trillion won to 2.4916 trillion won.
This supplementary budget was prepared in response to the urgent need to boost domestic demand through increased consumption amid the economic downturn. The city increased the incentive budget by 16 billion won to expand the issuance of Bucheon Pay (a local currency), which has proven highly effective in supporting self-employed individuals and small business owners, from the original scale of around 100 billion won to approximately 270 billion won.
The city plans to further expand the issuance of Bucheon Pay to around 400 billion won through the second supplementary budget in September.
In addition, the budget shortfalls for essential projects closely related to citizens' daily lives, such as welfare, education, and transportation, will be addressed in the second supplementary budget. This measure is in line with the city's phased fiscal management policy, which takes into account the urgency of the budget and the timing of project implementation.
The review of the first supplementary budget proposal is scheduled to take place during the 285th extraordinary session, which will be held from July 15 to July 23.
Bucheon Mayor Cho Yongik stated, "This supplementary budget was quickly prepared in line with the government's policy of stabilizing livelihoods and revitalizing the economy," adding, "Going forward, we will continue to closely analyze fiscal demand and work actively with the city council to enhance citizens' sense of improvement by boosting the vitality of the local economy."
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